Executive summary
The exemption from the Italian financial transaction tax (IFTT) is strictly linked to the concept of market maker as defined by the European Union (EU) Regulation no. 236/2012 on short selling (SSR) and as specified by the European Securities and Markets Authority (ESMA) in its Guidelines dated 2 April 2013 on Exemption for market making activities and primary market operation under Regulation (EU) 236/2012 on short selling and certain aspects of CDS (ESMA Guidelines).
At an…